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20121205
20121213
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KQEH (PBS) 3
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PBS
Dec 6, 2012 12:00am PST
attempts to link the fiscal cliff budget negotiations to future increases in the nation's debt ceiling. "the new york times" reported republicans might accept higher tax rates on wealthier americans to avoid triggering tax hikes for everyone. in return, they'd demand greater spending cuts next year before raising the federal borrowing limit. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, which, by the way, we have never done in our history until we did it last year, i will not play that game because we've got to... we've got to break that habit before it starts. >> reporter: the 2011 standoff between the president and republicans led the nation to the brink of national default. standard and poor's even lowered its rating on u.s. government bonds. now, the president has proposed he be given authority to raise the debt ceiling without congressional action. house republicans reject that idea. and they've called for raising revenue without rate hikes, plus major
PBS
Dec 11, 2012 12:00am PST
. but limiting or even charitable deductions could be part of a deal to avoid the fiscal cliff. one man of the tax policy center says given our national debt? sort of tax hikes are inevitable. >> one way is to tax the same income we have right now but get more revenue. the alternative is to tax more. get rid of the deductions and the exemptions, the things that reduce or taxable income. we tax more at today's rates and we bring in more revenue. >> reporter: itemized deductions are the first form of tax breaks on the table. used by 30% of tax payers they cost the government over $200 billion a year. about a fifth of this year's deficit. charitable donations alone cost $40 billion a year. but ending them is costly too. >> anybody who gives money away, taxes will go up. they'll pay more. that's what we're all about trying to get rid of these. but at the same time they'll likely give less to charity. if i don't get the deduction, it's going to cost me more after taxes to give away money. >> reporter: and say nonprofit leaders, if the rich stop giving, the poor stop getting. >> we're here to
PBS
Dec 6, 2012 6:30pm PST
of progress in washington towards a fix for the fiscal cliff. the only hopeful sign is that republicans and democrats are talking privately again. but they haven't worked out any of the big issues, including what to do about the nation's debt limit. washington will hit its borrowing limit early next year, darren gersh has the latest. >> reporter: sitting around the kitchen table with a middle class family in virginia, the president once again pressed for congress to avoid the fiscal cliff. >> if this family has a couple of thousand dollars less to spend, that translates into $200 billion of less consumer spending next year. and that's bad for businesses, large and small. >> reporter: behind the scenes, the two sides are talking again. but there was no progress in public. senators today fought over the debt limit, and ended up deadlocked over a bill to allow the president to automatically increase borrowing. >> he's shown what he is really after is unprecedented powers to spend taxpayer dollars without any limit at all. >> reporter: if the debt limit isn't raised, the country can't pay f
Search Results 0 to 2 of about 3